Bill > HJR64

This Joint Resolution proposes a constitutional amendment to allow the state legislature to set a lower cap on how much a person's primary residence, known as a "residence homestead," can be valued for property tax purposes each year. Currently, the law allows the appraised value to increase by up to 10% annually, but this resolution would enable the legislature to set that limit at 102.5% (or even lower) of the previous year's appraised value, or the current market value, whichever is less. This change would apply to a homestead once the owner qualifies for a property tax exemption and would end when the original owner or their spouse no longer lives there and qualifies for the exemption. The proposed amendment will be put to a vote by the public on November 7, 2023.